Core Viewpoint - The announcement highlights the appointment of Li Zhengnan as a new fund manager for the Hengchao Fengrui Bond Fund (010084), effective December 2, 2025, alongside existing managers Li Lei and Li Haitao [1]. Group 1: Fund Manager Profile - Li Zhengnan is a Chinese national with a master's degree and is a CFA charterholder. He has experience in risk management and quantitative research in asset allocation and portfolio optimization [1]. - He joined Hengchao Fund in August 2019 and has held various managerial positions in different funds, including the Hengchao Hengli Bond Fund and the Hengchao Runhe Mixed Fund [1]. Group 2: Fund Performance - As of December 1, 2025, the net value of the Hengchao Fengrui Bond Fund was 1.8435, reflecting a 0.04% increase from the previous day and a 3.71% increase over the past year [1]. - The funds managed by Li Zhengnan have shown varying returns, with the Hengchao Hengli Bond A and C funds achieving a return of 7.07% since August 22, 2024, and the Hengchao Runhe Mixed Fund A and C achieving returns of 6.84% and 6.38%, respectively [1]. Group 3: Investment Strategy - In the second quarter of 2025, the Hengchao Runhe Mixed Fund A made a notable investment in Daotong Technology, purchasing at an average price of 41.42 and selling in the third quarter at an average price of 55.94, resulting in an estimated return of 35.06% [1].

Core Viewpoint - The article emphasizes the selection of low-volatility fixed income plus funds as a suitable investment option for medium-term unused funds or remaining amounts from long-term investments, highlighting six recommended funds based on specific criteria [3][22]. Selection Criteria - The funds must have a scale of over 200 million yuan to avoid the risk of liquidation and ensure adequate attention from the fund company [5]. - The maximum drawdown over the past five years should be less than 5% to maintain low volatility [8]. - The equity allocation should be between 5% and 10% to balance between ensuring some equity exposure and minimizing volatility [8]. - The funds should be open-ended and established for more than five years to provide a reliable performance reference [8]. - The annualized return over the past five years should exceed 5% to ensure relatively high returns alongside low volatility [8]. Fund Performance Summary - The selected funds include: - **Huatai Bairui Dingli Mixed A**: Annualized return of 7.78%, maximum drawdown of 4.23%, and a fund size of 3.746 billion yuan [7]. - **Jiaoyin Zengli Enhanced Bond A**: Annualized return of 6.94%, maximum drawdown of 4.68%, and a fund size of 1.2 billion yuan [7]. - **Huaxia Dinghong Bond A**: Annualized return of 5.46%, maximum drawdown of 4.81%, and a fund size of 1.1 billion yuan [7]. - **Southern Songguang A**: Annualized return of 5.30%, maximum drawdown of 2.02%, and a fund size of 200 million yuan [7]. - **Jinying Xinrui Mixed A**: Annualized return of 4.97%, maximum drawdown of 4.08%, and a fund size of 2.4 billion yuan [7]. - **Fengchao Hengli Bond A**: Annualized return of 4.31%, maximum drawdown of 4.14%, and a fund size of 4.17 billion yuan [7]. Investment Advantages - Low-volatility fixed income plus funds offer excellent risk management and drawdown control, resulting in a smoother net value curve for investors [19]. - They provide better return potential than pure bond funds, especially during structural opportunities in the stock market [20]. - These funds serve as a convenient tool for risk-averse investors to achieve a balanced stock-bond allocation without the hassle of manual adjustments [20]. Investment Considerations - The funds may exhibit limited return elasticity and could underperform in a bull market due to their low equity allocation [21]. - They are not entirely "capital-protected," as there remains a risk of loss during extreme market conditions [21]. - The success of these funds heavily relies on the fund manager's ability to make sound asset allocation and security selection decisions [21]. Conclusion - The article concludes that the six identified low-volatility fixed income plus funds are suitable for conservative investment strategies, emphasizing the importance of long-term holding to achieve positive returns despite potential short-term losses [22].